Adding further upward pressure to prices, US Vice President JD Vance said Washington has no plans to pursue peace talks with Tehran until Iran halts attacks on ships in the Strait of Hormuz, while Iran has signaled it intends to maintain a hard-line stance in response to recent US strikes. The European Union has formally joined the US-led sanctions campaign against Iran, and South Korea said it is considering taking on a military role.

Still, the rally could lose steam if crude shipments through the Strait of Hormuz increase. Recent reports on Iraqi oil exports show average shipments of about 2.35 million barrels per day in August, largely routed through southern export terminals.

Among the main laggards were Axia, which fell 0.8%, WEG, down 0.6%, and Rede D’Or. Petrobras slipped 0.9% despite elevated but volatile oil prices. Losses on the index were partially offset by gains in financial stocks: Bradesco advanced 0.6%, Itaúsa added 1.5%, BB Seguridade climbed 1.1%, and Caixa also rose 1.1%.

On the political front, the latest Datafolha poll, released on Thursday, showed President Lula’s lead over Flávio Bolsonaro narrowing in the presidential race. In corporate news, Embraer gained 1.1% after Brazil reported a stronger-than-expected external trade surplus. Despite Friday’s slight pullback, the Ibovespa ended the week up 5.4%.

In the US, nonfarm payrolls rose by roughly three times the consensus forecast, strengthening expectations for a Federal Reserve rate hike in September and putting pressure on credit-sensitive stocks. Financials lagged, with major banks in the red: TD Bank fell 1%, while Scotiabank slipped 0.9%.

Gold prices also declined, dragging down mining shares. Agnico Eagle lost 0.9%, Barrick Gold retreated 1.8%, and Wheaton Precious Metals (WPM) slipped 0.9%. Technology stocks were mostly weaker amid softness in US hyperscalers: Shopify edged lower and Constellation Software fell 0.6%. In contrast, Celestica gained 1.1%, supported by strength in semiconductor-related names.

Nonfarm payrolls increased by 162,000, well above forecasts for a gain of slightly more than 50,000 jobs. The upside surprise in hiring pushed bond yields higher and weighed on credit‑sensitive sectors. Among major tech names, Alphabet slipped 1.1%, Microsoft lost 2%, Tesla dropped 5.9%, and Palantir retreated 4.5%. In financials, JPMorgan fell 0.9% and Visa declined 1%.

Semiconductor stocks, which had lagged earlier in the week, rebounded and helped support the Nasdaq. Nvidia advanced 0.8%, Micron climbed 6.1%, Intel gained 4.5%, and Marvell Technology jumped 7%, amid renewed optimism around OpenAI’s latest GPT model. Sandisk surged 11.9%, and AMD rose 4.7%.

For the week, the Dow slipped 0.3%, while the S&P 500 added 0.1% and the Nasdaq gained 0.4%. US equity markets will be closed on Monday in observance of the Labor Day holiday.

While traders remain net short overall, the reduction in negative bets suggests some improvement in market confidence or a partial unwinding of pessimistic positions. The shift could reflect changing expectations around New Zealand’s economic outlook, interest rate path, or global risk appetite, though the currency remains under cautious scrutiny from speculative investors.

The widening negative balance indicates that market participants are increasingly positioning for further yen weakness. The move from -63.3K to -92.2K underscores growing conviction among speculators that current macro or policy dynamics may continue to weigh on Japan’s currency in the near term, potentially amplifying volatility in yen-related trades across global markets.

The increase in net speculative longs suggests that traders are becoming more constructive on the Brazilian currency, adding to bullish bets compared with the prior reading. While the data alone do not reveal the drivers behind the shift, the uptick in positioning highlights growing market interest in the BRL and a modest improvement in sentiment toward Brazil’s currency in the derivatives market.

Net speculative positions in the AUD improved to -39.4K contracts from a previous level of -44.5K, indicating a modest reduction in short exposure. While positioning remains net short, the shift suggests that market participants have become slightly less pessimistic on the Australian currency.

This moderation in bearish sentiment may reflect changing expectations around Australia’s economic outlook or global risk appetite, though AUD traders will likely look for confirmation in upcoming macroeconomic releases and central bank signals before repositioning more decisively.

The widening in net short positions suggests that market participants are increasing their exposure against the Swiss currency. While the data do not reveal the underlying drivers, the shift indicates that speculative investors are positioning more firmly for potential CHF weakness in the near term.

The widening net long position indicates that more investors are positioning for peso appreciation or stability, potentially reflecting favorable sentiment toward Mexico’s macroeconomic outlook or relative yield advantages. The move from 82.4K to 93.2K suggests that speculative participants are increasingly willing to add exposure, even as global markets remain sensitive to shifts in interest rates and risk appetite.

While the CFTC figures do not explain the drivers behind the shift, the sustained build-up in net longs underscores the peso’s current appeal in the speculative space and will be closely watched for signs of whether this positioning trend continues or reverses in the coming weeks.

As of the update on 4 September 2026, CAD speculative net positions improved to -108.1K, compared with a previous level of -121.5K. While positioning remains firmly in negative territory, the reduction in net shorts suggests some easing in pessimism toward the Canadian currency.

The shift indicates that market participants have scaled back some of their downside exposure to the loonie, potentially reflecting changing views on Canada’s economic outlook, interest rate trajectory, or broader risk sentiment in global FX markets. However, with net positions still significantly short, investors remain cautious on the Canadian dollar’s prospects in the near term.

Net speculative positions in wheat futures moved from a net short of -6.8K contracts to a net long of 24.7K contracts, marking a notable reversal in market positioning. The shift suggests that traders who had previously been betting on weaker wheat prices are now positioning for potential strength in the market.

While the underlying drivers are not detailed in the data, the scale of the move indicates a meaningful change in expectations among speculative participants, with wheat now attracting net buying interest after a period of net selling. Investors and market watchers will be monitoring whether this renewed optimism in U.S. wheat futures continues in the coming weeks.

The increase in speculative net longs suggests that market participants are positioning for potentially tighter supplies, stronger demand, or both. While the exact drivers are not detailed in the data, a continued build-up in bullish positions can amplify price moves, particularly if fundamentals or weather developments reinforce traders’ expectations.

With speculative positioning now at 248.0K, the market will be watching upcoming crop, export and macroeconomic data closely to gauge whether this momentum in soybean futures will persist or trigger profit-taking if sentiment shifts.

The increase in net long positions suggests that traders are modestly expanding their bullish exposure to silver. While the move is incremental rather than dramatic, it underscores continued investor interest in the metal, with market participants adding to long positions rather than scaling back. For now, the data point signals a steady, if measured, confidence in silver’s near-term outlook among speculative players.

The CFTC figures show that speculative net positions on the S&P 500 index fell from -68.0K contracts previously to -75.9K contracts currently, indicating a larger net short stance. This shift suggests that non-commercial traders, such as hedge funds and other speculators, have become more cautious or pessimistic about the near-term direction of the U.S. equity benchmark.

The deepening net short exposure may reflect heightened uncertainty around the U.S. economic outlook, corporate earnings, or broader risk sentiment, as traders position for potential volatility in the S&P 500. While the data do not explain the reasons behind the move, the increase in bearish positioning underscores a more defensive tone among speculative market participants.

The move signals an expansion in net short positions, indicating that market participants are increasingly positioning for potential downside in natural gas prices. The shift from -197.9K to -208.9K underscores a strengthening of negative sentiment among speculators in the US natural gas market, as reflected in the latest CFTC report.

The sharp increase in net long positions suggests a growing appetite for exposure to the tech-heavy Nasdaq 100 among speculative traders. This shift may reflect heightened optimism about the U.S. technology and growth sectors, as market participants position for potential gains in major Nasdaq-listed names.

While the data does not reveal the underlying drivers, the jump in speculative longs underscores a clear tilt toward bullish expectations in one of the most closely watched U.S. equity indices. Investors will be watching upcoming macroeconomic releases and corporate earnings to see whether this positioning is sustained or unwound.

The reduction in net long speculative bets suggests some investors have pared back their bullish exposure to gold. While positioning remains firmly in positive territory, the pullback may reflect profit-taking or a more cautious stance toward the precious metal amid evolving market conditions.

The rise in net long positions suggests that speculative market participants are positioning for potentially higher crude prices or a tighter supply-demand balance going forward. While the move is incremental rather than dramatic, it underscores a steady build-up in optimism around the U.S. crude market. Investors and analysts will be watching subsequent CFTC reports closely to see whether this upward trend in speculative positioning continues or begins to plateau in the coming weeks.

The sharp increase suggests that market participants are growing more optimistic about corn prices, with speculative traders significantly adding to long positions relative to shorts. While the data alone does not reveal the underlying drivers, the shift signals strengthening confidence in the corn market’s near-term outlook among futures and options speculators in the United States.

The decline in net long positions suggests traders are trimming bullish exposure to the metal, which is closely watched as a barometer of global industrial and manufacturing activity. While positioning remains net long, the pullback may reflect growing caution over the near-term demand outlook or expectations of increased supply.

Market participants will now be watching upcoming macroeconomic indicators and industrial data for further clues on whether this moderation in speculative positioning marks the start of a broader repositioning in copper or a temporary pause after prior gains in bullish bets.

The move from a neutral stance to a slight net short suggests a modest shift in sentiment among speculative traders, who may be positioning for weaker price action or heightened uncertainty in the aluminium market. While the change in positioning is small in absolute terms, the transition into negative territory will be closely watched by market participants as a potential early signal of changing expectations around demand, supply dynamics, or broader macroeconomic conditions affecting the U.S. aluminium sector.

The reduction in net short positions suggests that market participants are scaling back their pessimism toward the single currency. While positioning remains in negative territory, the shift indicates a moderation in bearish bets and could signal a gradual reassessment of euro prospects among speculative traders.

Traders and investors will be watching upcoming macroeconomic releases from the Euro Zone to gauge whether this improvement in sentiment is sustained or merely a short-term adjustment following the prior period of more pronounced euro shorts.

Net positions declined from -44.5K previously to -49.6K, signaling a deeper net short stance among speculators. A reading below zero reflects that short positions outnumber long positions, indicating that market participants remain cautious or pessimistic about the near-term outlook for the UK currency.

The move suggests growing conviction among leveraged funds and other speculative traders that the pound may face continued pressure, though the data alone does not specify the underlying drivers behind the shift in positioning.

The strongest positive contributions came from pome and stone fruits, up 22.07%; potatoes, which surged 129.82%; and citrus fruits, which climbed 58.43%. Offsetting these gains, the largest negative contributions were recorded in crude petroleum and oils obtained from bituminous minerals, down 5.17%; milled or green coffee, down 19.09%; and coffee, down 18.03%.

On a monthly basis, the PPI declined 0.33% in August. From January through August, the index accumulated an increase of 2.95%.